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'He will commit to providing a strong and stable foundation for our economy: continuing the task of bringing the deficit down and getting our debt falling so that we can live within our means once again,' said May.

Figures published today by the Office for National Statistics are set to reveal the Government is still spending far more than it receives in tax despite years of austerity.

The national debt amounts to more than £1.6trillion – or around £65,000 per household – up from £500billion a decade ago.